After a recent ascent, wheat prices tested the EMA50, a robust resistance level, with stochastic indicators signaling a loss of positive momentum and indicating clear overbought conditions. This development is anticipated to encourage the resumption of the expected bearish trend in the upcoming period, with the next primary target set at 550.00.
It is crucial to observe that a sustained upward movement, accompanied by a breach of 578.40, could propel the price to attain additional gains. In such a scenario, the market may aim for levels at 593.00, followed by 605.00.
Today’s Expected Trading Range: 565.00 (Support) – 582.00 (Resistance)
The current analysis suggests a bearish trend for wheat prices, with traders and investors advised to monitor the support level at 565.00 and the resistance level at 582.00 throughout the trading session.
